MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved BDO Unibank's acquisition of the biggest rural bank in Mindanao.
In a disclosure, BDO said the BSP has approved the bank's acquisition of One Network Bank Inc.
One Network Bank has 105 branches and micro-banking offices in the Mindanao and Panay.
"The addition of ONB to the BDO Group will give BDO access to new market segments in Mindanao and Panay Island, which are among the Bank’s targeted growth areas," BDO earlier said.
ONB, which has 80 percent of its branch network in Mindanao, has total assets of P28.1 billion, net loans of P19.7 billion, and a deposit franchise amounting to P17.9 billion as of September 30, 2014.
The Sy-led BDO is the country's largest bank in terms of assets, loans, deposits, capital and trust funds. It has one of the largest distribution networks in the country, with 875 operating branches and 2,542 ATMs nationwide.